Fundamentals

Under the Self Assessment (see Self Assessment) system HM Revenue & Customs may require you to file a Tax Return at the end of each tax year (5 April). The completed Tax Return requires full details of all your income and capital gains (profits on sales of certain assets) and claims for tax allowances and reliefs.

Not everyone needs to file a Tax Return but if you do you need to be aware of the filing deadlines and penalty charges that arise for late filing.

For more information see: www.hmrc.gov.uk/sa/introduction.htm